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A resolution approving a participation agreement between the Metropolitan Government of Nashville and Davidson County, through the Nashville Department of Transportation and Multimodal Infrastructure (“NDOT”), and GS Gallatin Pike Apartments Owner, LLC (“Greystar”), for construction of a sidewalk in front of 1401 Gallatin Pike North, Nashville TN, 37115.
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WHEREAS, Greystar is developing a piece of property in the vicinity of 1401 Gallatin Pike North; and,
WHEREAS, pursuant to the participation agreement attached hereto and incorporated herein, NDOT and Greystar desire to construct a sidewalk located at 1401 Gallatin Pike North (“the Project”) to provide enhanced roadway and streetscape improvements for Metro’s Complete Streets initiative along Gallatin Pike; and,
WHEREAS, the Project is estimated to cost approximately $478,406 (“Project Costs”); and,
WHEREAS, NDOT has agreed to contribute $478,406 of the Project Costs to Greystar to complete the work; and,
WHEREAS, the parties desire to work together to complete the Project, and,
WHEREAS, Metropolitan Code of Laws Section 13.21.020 allows the Metropolitan Council to approve participation agreements between NDOT and developers by resolution; and,
WHEREAS, it is in the best interest of the Metropolitan Government and the citizens of Davidson County that this participation agreement be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The participation agreement between GS Gallatin Pike Apartments Owner, LLC and the Metropolitan Government, by and through NDOT, attached hereto and incorporated herein by reference, is hereby approved.
Section 2. This resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves a participation agreement between the Nashville Department of Transportation and Multimodal Infrastructure (“NDOT”) and GS Gallatin Pike Apartments Owner, LLC (“Greystar”).
Ordinance No. BL2023-137 allows NDOT to enter into participation agreements to fund the installation, operation, or maintenance of infrastructure projects and structures within the right-of-way by resolution of the Metro Council.
Pursuant to the terms of this agreement, Greystar will be responsible for the construction of a sidewalk located at 1401 Gallatin Pike North. The estimated cost of the project is $478,406. NDOT has agreed to contribute up to the difference between the total cost to construct minus the cost for the original scope of work, not to exceed $500,000, toward the project. The improvements must be operational by August 31, 2025.
Fiscal Note: Metro will pay Greystar $478,406 for the cost of the construction of a sidewalk located in front of 1401 Gallatin Pike North.